Addleshaw Goddard's client roster includes a significant number of FTSE AIM 50 and FTSE AIM 100 companies, as well as 12 of the top 13 UK mid-cap stockbrokers, and other financial advisers and brokers. Led by Nick Pearey, the national team is strong in AIM and Main Market matters, with it being prominent in high-profile IPOs, secondary fundraisings and public M&A. In one highlight, Giles Distin and legal director Jeremy Cruse acted for Liberum Capital on the £120m AIM IPO of SourceBio International Plc, which was one of the few AIM IPOs to take place in 2020. Simon Wood and Roger Hart are also recommended.
Equity capital markets – small-mid cap in London
Addleshaw Goddard
Practice head(s):
Nick Pearey
Other key lawyers:
Giles Distin; Simon Wood; Roger Hart; Louise Pritchard; Adam Hastings; Jeremy Cruse
Testimonials
‘An exceptionally knowledgeable team, dedicated to client service, unquestionably sharp, punching above their weight.’
‘Specific partners – Simon Wood (my go-to lawyer on public M&A) and Giles Distin (highly experienced on ECM/M&A matters) – experienced lawyers that are always available to help, with a personable bedside manner.’
‘Giles Distin provides a partner-led service and is readily available providing a balanced view.‘
‘The Addleshaw Goddard team have been very strong and provided us with excellent support over the past 12 months. They are clearly very experienced.’
‘Giles Distin has provided us with first class support and has demonstrated his skill and experience in the public markets. He also has a strong relationship with the regulator and is able to provide clarity in complex issues.’
Key clients
Accrol Group Holdings plc
Alpha Financial Markets Consulting plc
Boohoo Group PLC
Brickability Group plc
BT Group plc
Carclo plc
Cenkos Securities
Chesnara plc
Churchill China PLC
ClearStar Inc
Dixons Carphone plc
finnCap
Frontier IP Group plc
genedrive plc
IMImobile PLC
Investec Bank
JD Sports Fashion plc
Jefferies
Kestrel Partners LLP
Liberum Capital
Longevity Acquisition Corp
McBride plc
Moneysupermarket.com Group PLC
NAHL Group plc
Nplus1 Singer
On The Beach plc
Peel Hunt
Ramsdens Holdings PLC
Shore Capital & Corporate
SPARK Advisory Partners
Speedy Hire plc
Sumo Group Plc
Team17 Group plc
The City Pub Group PLC
The Pebble Group plc
Victrex PLC
Yourgene Health plc
Zeus Capital
Work highlights
- Advising IMImobile plc on its £543m recommended offer from Cisco Systems, Inc.
- Advising Liberum Capital Limited in its capacity as nominated adviser and sole bookrunner on the £120m IPO on AIM of SourceBio International PLC.
- Advising Zeus Capital and Jefferies, as joint bookrunners to Boohoo Group plc, in relation to Boohoo’s secondary placing which raised proceeds of £197.7m.
CMS
CMS generates a strong flow of work from a large number of issuers (including FTSE 250 companies) and investment banks under the leadership of practice head Alasdair Steele. It is a strong choice for high-profile and complex transactions, and is able to offer UK and US securities law expertise. In 2020, highlights included acting for tinyBuild’s shareholder NetEase on the $470m AIM IPO of tinyBuild, and advising Aquila European Renewables Income Fund on a €155m placing programme and offer for subscription. Charles Howarth, who joined from Herbert Smith Freehills LLP in 2020, is experienced in UK and wider global capital markets transactions, including IPOs, placings, rights issues and secondary market offerings. Kristy Duane and Jack Shepherd are other key individuals. Iain Newman retired.
Practice head(s):
Alasdair Steele
Other key lawyers:
Charles Howarth; Kristy Duane; Jack Shepherd
Testimonials
‘Extremely personable and easy to work with group. Excelled at helping us through a complex process which we had no prior experience of. Knowledgeable, patient, open, diligent and completely focused on delivering customer expectations.’
Key clients
Sequoia Economic Infrastructure Income Fund
APG Asset Management N.V. (APG)
RDI REIT PLC
Aquila European Renewables Income Fund (AERIF)
Stifel Nicolaus
Peel Hunt
Numis Securities
NetEase
Investec
Cenkos Securities
Primary Health Properties
London Metric Property
Blue Prism
Synairgen
Big Yellow Group
The Rank Group
Panmure
ActiveOps
N+1
ReNeuron Group Plc
Work highlights
- Advising Sequoia Economic Infrastructure Income Fund on a £300m placing, open offer and offer for subscription and further £300m share issuance programme.
- Advising APG Asset Management N.V. (APG), one of the world’s largest pension investors and a major shareholder of Hammerson plc, on a £551.7m underwritten rights issuance undertaken by Hammerson in parallel with advising APG on the associated related party transaction and shareholder circular in relation to the £274m purchase of substantially all of Hammerson plc’s stake in VIA Outlets (VIA), a leading European premium outlet operator with 11 outlets in nine countries.
- Advising long-standing client RDI, a UK property REIT listed on the London Stock Exchange, on the sale of its business to Starwood Capital Group, a private equity investment company.
Norton Rose Fulbright
Norton Rose Fulbright's standing in the market is reflected by the fact that it is a first choice among many FTSE 250 and AIM-listed companies, listed funds, bulge-bracket banks and other financial institutions. Led by Raj Karia, the team is notably active in transactions with a nexus to the real estate, renewables infrastructure, oil and gas, mining, healthcare and life sciences sectors, and financial institutions. In 2020, Thomas Vita led advice to Hyloris Pharmaceuticals on its €75m Euronext Brussels IPO. In addition, he was part of the cross-office team, which acted for Citigroup, Jefferies and Commerzbank on the €115m IPO of Brockhaus Capital Management on the Frankfurt Stock Exchange. The firm also advised JP Morgan and Peel Hunt as joint bookrunners on LondonMetric Property Plc’s £120m placing by way of accelerated bookbuilding. Fiona Millington, Richard Sheen and Clementine Hogarth are other names to note in the group, which is also highly active in emerging markets transactions, including those involving the Middle East and Africa.
Practice head(s):
Raj Karia
Other key lawyers:
Fiona Millington; Thomas Vita; Richard Sheen; Clementine Hogarth
Testimonials
‘Extremely fast, extremely practical and solutions oriented. We’ve loved working with them every time, as they help us navigate difficult and formalistic legislation with full comfort and without taking up huge resources.’
‘Tom Vita remains a great practical lawyer, guiding both legal professionals and the business through the ins and outs of arcane and byzantine US securities laws as they apply to EU offerings.’
Key clients
eve Sleep plc
Purplebricks Group plc
Investec Bank plc
Panmure Gordon
Canaccord Genuity Limited
Mortgage Advice Bureau (Holdings) Plc
Crystal Amber Fund Limited
Egdon Resources plc
Good Energy Group plc
Numis Securities Limited
Peel Hunt
BMO Capital Markets
Hyloris Pharmaceuticals
Investec Bank
Ecofin US Renewables Infrastructure Trust
Trian Investors 1 Limited
Picton Property Income Limited
Work highlights
- Advised on the Main Market IPO of Ecofin U.S. Renewables Infrastructure Trust PLC.
- Advised Canaccord Genuity and Cantor Fitzgerald as joint bookrunners on a $140m placing and PrimaryBid retail offer by Yellow Cake plc.
- Advised BMO Capital Markets as sponsor on Petra Diamond Limited’s financial restructuring transaction.
Pinsent Masons LLP
Pinsent Masons LLP excels in handling domestic and cross-border equity capital markets transactions involving the real estate, technology, energy, healthcare and life sciences, retail, and diversified industrial and manufacturing sectors; Charles Waddell is well-known in the biotech industry. Julian Stanier heads up the team, which has market-leading credentials, reflected through its sizeable AIM company client base. It also generates mandates from investment banks, private equity houses and financial intermediaries. In a recent highlight, Stanier and Gareth Jones were part of a cross-practice group which acted for Investec Bank plc as NOMAD and sole broker on the AIM IPO of ActiveOps Plc. Rob Hutchings and Adam Cain are also recommended, as is US securities head Roberta Markovina. Chrissy Findlay, recently promoted partner James Kaye and senior associate Sunjay Malhotra are other names to note. Jon Harris retired in April 2021.
Practice head(s):
Julian Stanier
Other key lawyers:
Rob Hutchings; Gareth Jones; Charles Waddell; Chrissy Findlay; Adam Cain; Roberta Markovina; James Kaye; Sunjay Malhotra
Testimonials
‘Julian Stanier and Gareth Jones are extremely experienced in the small-mid cap ECM market, bringing to transactions a great deal of legal and commercial knowledge.’
‘Gareth Jones was ever present on the deal and led the transaction rather than over delegating, good humoured (very pleasant to work with) but most particularly – and for me, the key difference between the good and the best lawyers – he found solutions to problems for us when we were in difficult situations.’
Key clients
Zeus Capital Limited
LiDCO Group plc
4D pharma plc
Forterra plc
ANGLE plc
Portmeirion Group plc
Work highlights
- Advised Zeus Capital Limited (as nominated adviser and joint broker) and Berenberg (as joint broker) on the AIM IPO of tinyBuild, Inc, the largest AIM IPO since 2018 and the largest North American IPO on AIM.
- Advised longstanding AIM-listed client 4D pharma plc, a pharmaceuticals company leading the development of live biotherapeutic products, on its acquisition of Longevity Acquisition Corporation, a Special Purpose Acquisition Company listed on NASDAQ. 4D’s ordinary shares now trade on AIM and its American Depositary Shares trade on NASDAQ.
- Advised Huntsworth plc, an international healthcare and communications group listed on the Main Market of the London Stock Exchange, in connection with the £524m recommended cash acquisition of Huntsworth by Clayton, Dubilier & Rice, one of the first UK public M&A transactions to attempt to address some of the practical concerns arising from Covid-19.
Travers Smith LLP
Travers Smith LLP has an outstanding track record in high-profile and high-value AIM, Main Market and SFM listings. Its team is also adept at handling cash placings, rights issuances, reverse takeovers, block trades and tender offers. The firm acts for more than 60 publicly listed companies (a number of which are on the FTSE 350 index) and it also advises a substantial client base of investment banks. In addition, the firm generates a strong flow of work from London-listed investment funds and their sponsors, and particularly stands out in transactions involving the technology, fintech, retail and renewable energy sectors. In a recent highlight, team head Andrew Gillen led a group that advised Foresight Group on its £455m Main Market IPO. In 2020, Tom Coulter (who was recently promoted to partner) led advice to Peel Hunt as nominated adviser, broker and sole bookrunner on Inspec Group Plc’s £138m AIM IPO and £64m placing. Aaron Stocks, Dan McNamee and Brent Sanders also recently handled the Main Market IPOs of Marwyn Acquisition Company I Limited, Marwyn Acquisition Company II Limited and Marwyn Acquisition Company III Limited. Adrian West and Richard Spedding are also recommended.
Practice head(s):
Andrew Gillen
Other key lawyers:
Adrian West; Richard Spedding; Dan McNamee; Aaron Stocks; Brent Sanders; Tom Coulter
Testimonials
‘Pragmatic advice on a very complex transaction, with 24/7 support. Excellent value.’
‘Commercial approach and partner involvement.‘
‘Dedication to the project, attention to detail and hard work.’
‘Commercial perspective to analysing issues.’
‘Proactivity and ability to think laterally.’
Key clients
Peel Hunt
Liberum Capital
Numis
HSBC
Shore Capital
Zeus Capital
Investec
finnCap
Marwyn
Hostelworld plc
Benchmark Holdings plc
MaxCyte Inc.
Serabi Gold
Distribution Finance Capital Holdings plc
Work highlights
- Advised Liberum as NOMAD and sole broker on the £110m AIM IPO of Virgin Wines UK Plc.
- Advised Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited as bookrunner and financial adviser on the £103m IPO of Nippon Active Value Fund plc.
- Advised Numis, HSBC and Barclays as joint underwriters on the £126.6m rights issuance by Hyve Group plc.
Ashurst
Ashurst's equity capital markets practice attracts work involving a number of key sectors, including the mining, oil and gas, healthcare, technology, real estate and real estate fund industries. Reflective of the firm's strong pedigree, it advises a wide variety of stakeholders on complex mandates, including issuers, shareholders, bulge-bracket investment banks and brokerage firms. In 2020, Simon Bullock, Stuart Rubin and others acted for Jefferies International Limited, Carnegie Investment Bank and DNB Markets as managers on a SEK300m equity fundraising by Swedish research-based pharmaceuticals company Camurus. In addition, Bullock and others advised National Express Group Plc on its £235m equity capital raising, and the firm has also seen a steady flow of IPO work. Jeffrey Johnson, who made partner in May 2021, has US securities law expertise, as does Rubin and Jennifer Schneck. Nicholas Holmes is another key figure in the team.
Practice head(s):
Nicholas Holmes; Jennifer Schneck
Other key lawyers:
Simon Bullock; Stuart Rubin; Jeffrey Johnson; Louise Chan
Testimonials
‘We always have very good experiences with Ashurst. They deliver real partner attention and have excellent, attentive and efficient associates.’
‘Nicholas Holmes is among my first calls when I have a difficult situation. He is a thought leader in the sector and understands the issues and the latest market practice.’
‘We mainly use Nicholas Holmes. Nicholas is an excellent lawyer and can be relied upon to give a robust view on tricky legal issues. He is always available for calls and visible on transactions.’
Key clients
Goldman Sachs
Morgan Stanley
Softcat
Jefferies
Barclays
Bank of America Merrill Lynch
Numis
EnQuest
Citi
Credit Suisse
Chesnara
Tritax EuroBox
Time Out Group
J.P. Morgan
Interserve
Peel Hunt
Deutsche Bank
Liberum
AVEVA
Lamprell
National Express Group
Stifel
Work highlights
- Advised Jefferies and Numis as joint global co-ordinators and bookrunners on the £450m IPO of Foresight Group Holdings Limited.
- Advised Time Out Group plc on its £47m placing and open offer, £25m loan note restructuring and £20m debt refinancing.
- Advising Numis on the £22m placing by Foxtons Group plc, which was effected by way of a cash box placing.
Bryan Cave Leighton Paisner LLP
Bryan Cave Leighton Paisner LLP notably distinguishes itself in equity capital markets transactions connected with the energy and natural resources, real estate and listed funds sectors. Benjamin Lee leads the team, which has extensive AIM and Main Market expertise, and is particularly highly sought after by dual-listed companies (including those listed in Canada and Australia). Other clients include investment banks and financial intermediaries. Ariel White-Tsimikalis joined from Davis Polk & Wardwell LLP in September 2020. Also of note are Alexander Keepin, Nicholas Myatt, counsel Brian Mulkerrins and senior associate Tom Bacon. In 2020, Keepin and Mulkerrins advised Trident Royalties Plc on its move from the Main Market to AIM. They also acted for Peel Hunt LLP, Cormark Securities Inc and Cantor Fitzgerald Canada Corporation as joint bookrunners to leading exploration company SolGold Plc on its £26.1m underwritten placing.
Practice head(s):
Benjamin Lee
Other key lawyers:
Alexander Keepin; Nicholas Myatt; Ariel White-Tsimikalis; Brian Mulkerrins; Tom Bacon
Testimonials
‘I was very pleased to see Ariel White-Tsimikalis join Bryan Cave Leighton Paisner. Her expertise in ECM, coupled with her pragmatic, commercial approach makes her a go-to partner of choice.’
‘BCLP has very strong mid-cap ECM practice, with a particular focus on Israeli businesses.’
‘I work principally with Alexander Keepin, who heads up their natural resources practice. He’s an exceptionally hands-on partner, at ease either working for the corporate or banks’ side.’
‘Highly knowledgeable and skilled at implementation.’
‘Alexander Keepin and Brian Mulkerrins are highly engaged and supportive.’
Key clients
Wheaton Precious Metals
Resolute Mining Limited
Pensana Rare Earths plc
Petropavlovsk PLC
Raven Property Group
Berkley Energia
Prairie Mining
Liberum Capital
Numis Securities Limited
Pantheon Resources
Peel Hunt
Trident Royalties
Stifel Nicolaus Europe
Ncondezi Energy
FRP Advisory
Kape Technologies
Secure Income REIT
Work highlights
- Advised Wheaton Precious Metals on its £18bn admission to the Main Market of the London Stock Exchange and the Official List of the FCA (Standard Segment).
- Advised the family trusts of high-profile business individuals in connection with the sale of two tranches of a 26.3% interest in Shaftesbury plc to Capital & Counties Properties plc (Capco) for £436m.
- Advised Raven Property Group on the re-designation of all of its convertible preference shares into new ordinary shares and new preference shares.
DLA Piper
DLA Piper strengthened its ranks in 2020 by hiring corporate partner Jonathan Earle (who has significant experience in acting for public companies) and New York-qualified counsel John Stone from Gibson, Dunn & Crutcher and Linklaters LLP respectively; Robert Newman also made partner. The EMEA capital markets practice is led by Alex Tamlyn, who has more than 30 years of experience in acting for clients on domestic and cross-border securities offerings and is Chair of the London Stock Exchange Primary Markets Group. The broader team handles a myriad of complex matters, including AIM and Main Market IPOs, rights, issuances and block trades. In addition, public M&A and demergers are other drivers of work. Recent highlights included Tamlyn, Martin Penn and recently promoted legal director Karin Kirschner advising Mothercare on its move from the Main Market of the London Stock Exchange to AIM; the team also assisted Learning Technologies Group Plc with an £81.8m equity placing.
Practice head(s):
Alex Tamlyn
Other key lawyers:
Martin Penn; Charles Severs; Robert Newman; Karin Kirschner; John Stone; Johannes Poon; Jonathan Earle
Testimonials
‘The access to highly experienced partners who can construct wider teams suited to our business.’
‘The outstanding knowledge and experience of the senior partner on our account, bringing unique approaches which played a very key part in a successful transaction being achieved.’
‘Flexibility around our ever changing timetables.’
‘Karin Kirschner in particular is an absolute star. She understands our business and it felt as if she was an extension to us during the transaction, engaging with various stakeholders whilst emitting the softer skills to us as a client.’
Key clients
Accesso Technology Group plc
Allied Minds plc
Aptitude Software Group plc
Canaccord Genuity Limited
Chamberlin plc
Clinigen Group plc
CVS Group plc
Dechra Pharmaceuticals plc
Dignity Funerals plc
Hutchison China Meditech
Hyve Group plc
John Menzies plc
Knights Group Holdings plc
Learning Technologies Group plc
Medica Group plc
Mothercare plc
N+1 Singer Capital Markets Limited
Numis Securities Limited
Peel Hunt LLP
PureTech Health plc
RPS Group plc
Scapa Group plc
Staffline Group plc
Work highlights
- Advised Hyve Group plc on its £126.6m rights issuance in response to the Covid-19 pandemic.
- Advised Mothercare on its transfer from the Main Market to AIM.
- Advised RPS Group plc on its accelerated bookbuild cashbox placing and subscription of new ordinary shares.
Eversheds Sutherland (International) LLP
Eversheds Sutherland (International) LLP acts for a significant number of companies listed on AIM and the Main Market, and its client roster also includes many prominent brokers and NOMADs, UK investment trusts and Channel Islands-registered investment companies. Stephen Nash leads the equity capital markets department, which handles IPOs, secondary offerings and reverse takeovers. Elsewhere, the firm excels in public and private M&A work. Richard Moulton is also recommended.
Practice head(s):
Stephen Nash
Other key lawyers:
Richard Moulton
Fieldfisher
Fieldfisher's highly-respected team has a wealth of expertise in equity capital markets work and related corporate transactions spanning the energy and natural resources, life sciences and healthcare, oil and gas, mining and metals, technology and financial services sectors. In 2020, it acted for more than 40 AIM-listed companies and 20 NOMADs and brokers. Reflective of the firm's strong pipeline of work, it handled more than 75 equity capital markets transactions for clients. Highlights included Edward Westhead advising finnCap on Gemsfields Group's AIM admission, the first admission to AIM of a mining company in 2020. In addition, George Cotter acted for AIM-listed company Access Intelligence Plc on a £10m secondary fundraise. Neil Matthews leads the group, which also includes Anthony Brockbank, Jonathan Brooks, David Bowcock and Brad Isaac.
Practice head(s):
Neil Matthews
Other key lawyers:
Anthony Brockbank; Jonathan Brooks; David Bowcock; George Cotter; Dominic Gurney-Champion; Brad Isaac; Christine Phillips; Edward Westhead
Testimonials
‘Excellent engagement from the principal transaction partner throughout the firm.’
‘The FF ECM team is extremely capable and knowledgeable. They have a very good grasp of the underlying law but are able to apply that in a sensible and pragmatic manner.’
‘Brad Isaac, George Cotter and Dominic Gurney-Champion are extremely approachable and highly skilled lawyers.’
Key clients
Abingdon Health PLC
Access Intelligence PLC
ADVFN PLC
Amur Minerals Corporation
Ascent Resources PLC
Atalaya Mining PLC
Beowulf Mining PLC
Best of the Best PLC
Byotrol PLC
Central Asia Metals PLC
Checkit PLC
Cornish Metals Inc.
Craven House Capital PLC
Echo Energy PLC
eEnergy Group PLC
EQTEC PLC
GlobalData PLC
Great Western Mining Corporation PLC
Gusbourne PLC
Haydale Graphene Industries PLC
Hurricane Energy PLC
Independent Oil and Gas PLC
Infrastrata PLC
InnovaDerma PLC
Inspiration Healthcare Group PLC
Itaconix PLC
Jaywing PLC
Kodal Minerals PLC
KRM22 PLC
Live Company Group PLC
Marlowe PLC
Nu-Oil and Gas PLC
Online Blockchain PLC
Pires Investments PLC
President Energy PLC
Property Franchise Group (The ) PLC
Restore PLC
San Leon Energy PLC
Savannah Resources PLC
Seeing Machines Ltd
SigmaRoc PLC
Sound Energy PLC
Synairgen PLC
Tristel PLC
Velocity Composites PLC
Versarien PLC
Wynnstay Properties PLC
Allenby Capital
Canaccord Genuity
Cantor Fitzgerald
Cenkos Securities
Cormark Securities Inc.
Dowgate Capital
finnCap
Grant Thornton
Joh. Berenberg, Gossler & Co. KG
Liberum Capital Limited
Mirabaud Securities Limited (now Tennyson)
Nplus1 Singer
Numis Securities Limited
Panmure Gordon (UK) Limited
Shore Capital
SP Angel Corporate Finance LLP
Stifel Nicolaus Europe Limited
Strand Hanson Limited
Tamesis Partners LLP
WH Ireland
Zeus Capital Limited
Work highlights
- Advising Synairgen plc on its £87m secondary fundraising in the UK and the US – the largest public fundraising in the UK biotech sector for many years.
- Advising Inspiration Healthcare Group plc, a global medical technology company on its acquisition of S.L.E. Limited, for £18m.
- Advising TSX-V-listed Cornish Metals Inc. on an oversubscribed £8.2m equity fundraising from UK investors, a refinancing of a loan from Osisko Gold Royalties and its admission to trading on London’s AIM market.
Gowling WLG
Gowling WLG's capital markets practice distinguishes itself with AIM and Main Market work and it is also well-known for its strengths in the listed funds arena. With the firm having a significant Canadian capital markets capability, it is a particularly strong choice for dual-listings. The client roster includes more than 86 public companies (40 of which are listed on AIM), as well as NOMADs and brokers. Charles Bond leads the team, which ranks highly in the market for work from FTSE AIM 50 and FTSE AIM 100 companies. Bond is well-known for his experience of mandates connected with the mining and natural resources sector, while Hugh Maule's expertise spans the healthcare, renewable energy, technology and support services industries. Also recommended is recently promoted partner Samantha Myers, who is the head of the firm's UK cannabis group. In 2020, highlights included Bond and Sue Johnston advising Strand Hanson, Pareto Securities, Numis Securities and GMP First Energy on a $14.1m placing by Canadian company PetroTal Corporation. In addition, Kristian Rogers assisted closed-ended listed fund Urban Logistics REIT Plc with two fundraises that collectively raised £228m.
Practice head(s):
Charles Bond
Other key lawyers:
Hugh Maule; Sue Johnston; Alex Davidson; Kristian Rogers; Samantha Myers
Key clients
Codemasters Group Holdings plc
Revolution Bars Group plc
Urban Logistics REIT plc
Draper Esprit plc
Phoenix Copper Limited
Bacanora Lithium plc
Bushveld Minerals Limited
AfriTin Mining Limited
Cenkos Securities plc
H&T Group plc
Shore Capital and Corporate Limited
Hummingbird Resources plc
Strand Hanson / Pareto Securities / Numis Securities / GMP First Energy
MD Barnard & Company Limited (t/a Oberon Investments)
WH Ireland
Work highlights
- Advised Revolution Bars Group plc – the leading UK operator of 74 premium brands, trading under ‘Revolution’ and ‘Revolution de Cuba’ – on its £15m equity fundraising and transfer from the FCA’s Official List (premium segment) and London Stock Exchange’s Main Market on to AIM.
- Advised leading UK video games maker Codemasters Group Holdings plc on a recommended cash and share takeover offer from Take-Two Interactive Software, Inc., the NASDAQ-listed US games publisher based in New York, and its subsequent recommended cash takeover offer from Electronic Arts, Inc.
- Advised Bushveld, the AIM quoted, integrated primary vanadium producer and energy storage provider, on a $65m secondary financing which included a $35m loan note convertible into Bushveld ordinary shares and a $30m production financing agreement, each with Orion Mine Finance, a mining-focused investment business.
Osborne Clarke LLP
Osborne Clarke LLP has maintained a strong offering in high-profile IPOs, secondary equity offerings and public M&A, under the leadership of Jonathan King. Highlights included King, senior associate Ed Nisbet and others advising Elixirr International plc on its £100m AIM IPO and associated £20m placing. The team also acted for Cenkos Securities and Investec Bank as joint brokers and joint bookrunners to AIM-quoted Eddie Stobart Logistics Plc on its £16m placing and open offer, conversion to an investing company and re-admission to AIM. Mark Wesker and Rebecca Gordon are also recommended for their extensive equity capital markets experience.
Practice head(s):
Jonathan King
Other key lawyers:
Mark Wesker; Rebecca Gordon; Ed Nisbet
Testimonials
‘Concise advice. Personal as well.’
‘Jon King is an excellent, experienced, and highly practical lawyer. Straightforward, correct advice. Has seen and experienced almost every twist and turn of small-midcap ECM/M&A advice.’
‘Highly engaged and experienced team. Proactively engage in transactions and take the lead to get things done. Advice always designed to strike the right balance.’
‘Always readily available and responsive. Commercial and balanced advice borne of many transactions and acting for a variety of clients. Results in quick resolution of issues.’
Key clients
Investec Bank plc
Liberum Capital Limited
Raymond James International Limited
Cenkos Securities plc
essensys plc
Elixirr International plc
Invinity Energy Systems plc
In The Style Group plc
Creo Medical Group plc
Peel Hunt LLP
TalkTalk Telecom Group PLC
Work highlights
- Advising In The Style Group plc on its £105m AIM IPO and associated £60m placing.
- Advising Investec Bank plc on its capacity as nominated adviser, sole broker and sole bookrunner to AIM quoted Blue Prism on its £100m cashbox placing.
- Advising TalkTalk Telecom Group Plc on its recommended takeover by Tosca IOM Limited, a company formed at the direction of Toscafund Asset Management LLP and Penta Capital LLP.
Stephenson Harwood
Tom Nicholls leads the team at Stephenson Harwood, which has acted in many high-profile AIM IPOs, secondary fundraises and public takeovers. It attracts a loyal client following among corporate issuers, sponsors, NOMADs and brokers. Highlights in 2020 included Anthony Clare leading advice to E-Therapeutics Plc on a £12.4m placing. Elsewhere, the group is particularly noted for its strengths in the listed funds space, as evidenced by the fact that it acted on four of the eight fund IPOs that occurred in 2020. William Saunders and others acted for Home REIT Plc on its £240.5m IPO on the London Stock Exchange, which was the biggest listed fund IPO of 2020. Tom Page, David Dowding, Alex Haynes and Elizabeth Field are also recommended.
Practice head(s):
Tom Nicholls
Other key lawyers:
Tom Page; David Dowding; Anthony Clare; William Saunders; Alex Haynes; Elizabeth Field
Testimonials
‘The Stephenson Harwood team are very strong in their field and knowledgeable. They are pragmatic, commercial and helpful.’
‘Tom Page and Tom Nicholls are both very strong.’
‘Tom Nicholls is the stand out partner for both M&A and ECM, with a very calm considered approach and an ability to always focus on the long game. Engenders trust quickly with clients and always delivers an excellent team.’
‘Very capable and personable, and work well within a larger team.’
‘Tom Page is always a pleasure to work with and can be relied upon to give excellent balanced advice.’
Key clients
Aberdeen UK Tracker Trust
Acacia Pharma Group plc
Acorn Income Fund Limited
Akur Limited
Allianz Global Investors GmbH
Allianz Technology Trust PLC
Alternative Asset Opportunities PCC Limited
Alternative Credit Investments plc
Alternative Liquidity Fund Limited
Alvarium RE Limited
APQ Global
Arden Partners plc
Aseana Properties Limited
Ashoka India Equity Investment Trust plc
Atlantis Japan Growth Fund Limited
Augmentum Capital LLP
Augmentum Fintech plc
AVI Japan Opportunity Trust plc
BB Healthcare Trust plc
Big Society Capital Limited
BDO LLP
Berenberg
BlackRock Income & Growth Investment Trust plc
BlackRock Throgmorton Trust plc
Camper & Nicholsons Marina Investments Limited
Canaccord Genuity Limited
Cantor Fitzgerald Europe
CC Japan Income & Growth Trust plc
Cenkos Securities plc
City of London Investment Trust plc
Coupland Cardiff Asset Management
Dragon Capital Limited
Draper Esprit VCT plc
easyHotel plc
Eighteen East Capital Limited
E-Therapeutics Plc
European Opportunities Trust plc
European Real Estate Investment Trust Limited
Fair Oaks Income Limited
finnCap Limited
Focusrite plc
GCP Infrastructure Investments Limited
Geiger Counter Limited
GLI Finance Limited
Gore Street Capital Limited
Gore Street Energy Storage Fund plc
Gravis Capital Management Limited
Grit Real Estate Income Group Limited
Gulf Investment Fund plc
Henderson Global Trust plc
Henderson International Income Trust Fund
Henderson Value Trust
Home REIT plc
Hotel Chocolat plc
Impax Asset Management Group plc
Invesco Fund Managers Limited
Investec Bank plc
Jefferies International Limited
J.P. Morgan Cazenove
Jupiter Emerging & Frontier Trust plc
Jupiter UK Growth Investment Trust PLC
Jupiter Green Investment Trust plc
Liberum Capital Limited
Lowland Investment Company plc
LXI REIT plc
Kudu Investment Management, LLC
Landore Resources Limited
Manchester & London Investment Trust plc
Mobius Capital Partners LLP
Mobius Investment Trust plc
NetScientific plc
Nichols plc
Novacyt SA
Nplus1 Singer
Numis Securities
Oakley Capital Investments Limited
Oncimmune Ltd
Panmure Gordon (UK) Limited
Peel Hunt LLP
PMM Partners
Premier Miton Global Renewables Trust plc
Premier Miton Investors
Qatar Investment Fund plc
Scape Living plc
Scape Student Living Limited
Schroder British Opportunities Trust plc
Schroder BSC Social Impact Trust plc
Schroder Investment Management Limited
Schroder Real Estate Investment Management Limited
Schroder UK Public Private Trust plc
Shield Therapeutics plc
Shore Capital and Corporate Limited
Stifel Nicolaus Europe Limited
Stockdale Securities Limited
Strand Hanson Limited
Strategic Equity Capital Plc
Sturgeon Capital Limited
The Bauhaus Investment Trust Plc
The Bankers Investment Trust Plc
The Brunner Investment Trust Plc
The Diverse Income Trust Plc
The Merchants Trust Plc
Victory Park Capital Advisers
Vietnam Enterprise Investments Limited
Vietnam Holding Limited
Whiteoak Capital Group
Work highlights
- Advised Liberum as sole bookrunner in relation to a placing and open offer conducted by Time Out Group plc to raise approximately £45m and £4m respectively, raising a total of £49m.
- Advised longstanding client Acacia Pharma as issuer’s UK counsel on all aspects of its €27m fundraising in February 2021 and a €25m raise in August 2020.
- Advised UK asset manager Schroders and its joint venture partner Big Society Capital (BSC) on the launch of Schroder BSC Social Impact Trust plc, the UK’s first social impact investment trust.
Bird & Bird LLP
Bird & Bird LLP covers the entire ambit of AIM and Main Market equity capital markets transactions for corporate issuers, financial advisers and investment banks. Led by Clive Hopewell, the team works with practitioners from across the firm's international network to handle cross-border mandates, and is also highly active in domestic matters. Its sector expertise spans the energy and utilities, technology, financial services, life sciences and healthcare industries. Hopewell led the advice to Alpha FX Group Plc on a £20m fundraise by way of an accelerated bookbuild in 2020. Other notable individuals include Adam Carling, Simon Allport and Simon Fielder.
Practice head(s):
Clive Hopewell
Other key lawyers:
Simon Allport; Adam Carling; Simon Fielder; Geraint Lloyd; Nicholas Heap
Testimonials
‘Commercial and results focused with good partner involvement and a lot of experience.’
‘Clive Hopewell and Adam Carling. Both provide really good commercial and technical legal advice and understand the specific risks on ECM transactions and those relating to natural resources companies.’
‘Highly professional team, always available, very well-qualified team, hard working associates and smart partners. Also nice people to boot.‘
‘Good, clear advice, always helpful, always in control of the process.’
‘Dedicated, extremely hard working and knowledgeable team.’
Key clients
Albion Development VCT PLC
Alpha FX Group plc
Asiamet Resources Limited
Canaccord Genuity Limited
Dignity
DP Poland Plc
Gamma Communication
Hannam & Partners
Joh Berenberg Gossler & Co KG
Jangada Mines plc
Liberum Capital Limited
Mothercare
Panmure Gordon
S P Angel Corporate Finance LLP
Tekcapital plc
Tirupati
TMI Associates
Westminster Group PLC
WH Ireland Limited
Work highlights
- Advised DP Poland plc, the operator of Domino’s Pizza brand and stores in Poland, on its £29.5m acquisition of Dominium S.A., a Polish based pizza restaurant chain, together with an associated £5.2m fundraising and re-admission of the enlarged group to trading on AIM.
- Advised Liberum as broker and NOMAD on the £15m AIM fundraising and acquisition for Hornby PLC. Also, acting for Liberum and Peel Hunt on a placing for SigmaRoc plc, for an enterprise value of €81.3m.
- Advised Joh. Berenberg Gossler & Co KG, London branch and Grant Thornton UK LLP on the successful IPO of Supreme plc, the Manchester-based leading manufacturer, supplier and brand owner of fast-moving consumer products.
Charles Russell Speechlys LLP
Charles Russell Speechlys LLP's recent work spanned the mining, technology, telecoms, financial services and energy sectors. The practice is led by Andrew Collins, who has a strong track record in handling the listing of foreign companies in London. The team also includes Paul Arathoon, who recently led advice to Tamesis Partners LLP, Ashanti Capital Pty Ltd and Shard Capital Partners LLP as joint brokers to Trident Royalties plc on a £20.2m placing and subscription for new ordinary shares. Senior associate Tom Smitham is another notable individual.
Practice head(s):
Andrew Collins
Other key lawyers:
Victoria Younghusband; Mark Howard; Paul Arathoon; Tom Smitham
Testimonials
‘The team has a good knowledge and experience in this sector of the market and able to give effective and actionable advice on issues that are discrete to small cap companies such as ourselves. We have worked with the team for 15 years and have seen it mature into an excellent practice.’
‘Paul’s pragmatic and commercial approach enables him to move deftly through deal issues without jeopardising transaction timetables.’
‘Personal attention at partner level. Rapid response and turnaround.’
‘Excellent service from Mark Howard.’
‘I have worked closely with Paul Arathoon and found him to be calm, efficient and extremely reliable. I have found Paul to be incredibly responsive and very quick to grasp the nature of the job at hand.’
‘I really enjoy working with Victoria Younghusband. She is intelligent and empathetic and able to see problems from her clients’ perspective.’
‘The team assigned to our company has had excellent understanding of plc business. They were also very efficient and quick. The turnaround time of assignments was very short.’
Key clients
Oracle Power
HeiQ Materials
CYBA
7digitial Group
Ergomed
1Spatial
Europa Oil & Gas
The Biotech Growth Trust
India Capital Growth Fund
Predator Oil & Gas
Transense Technologies
LiDCO Group
Dukemount Capital
Work highlights
- Advised the selling shareholders of HeiQ Materials AG on its reverse takeover by Main Market listed Auctus Growth plc.
- Advised AIM-listed international power and natural resource project developer Oracle Power plc on its placing and subscription deed with a total value of £46.5m.
- Advised Ergomed on a court approved reduction of its share premium account and merger reserve in order to reduce its retained deficit and to create distributable reserves.
Dechert LLP
Dechert LLP's team is highly active in transactions spanning a number of key markets, including London, New York and Paris; it is also notably strong in deals connected with North Africa and the Middle East, particularly Lebanon and Egypt. Patrick Lyons and Sean Geraghty co-head the group in London, which delivers US and UK securities law advice. The life sciences sector is a key area of strength for the firm, as was evidenced in 2020, when Lyons worked with members of the Paris office to assist gene therapy platform company Lysogene with a €7.7m capital increase. Jennifer Rees made partner.
Practice head(s):
Patrick Lyons; Sean Geraghty
Other key lawyers:
Jennifer Rees; Amy Rees
Testimonials
‘Dechert is able to provide a comprehensive skillset in equity capital markets across geographies. Dechert are able to effectively lead and solve issues from the top (strategic decisions) to the bottom (transaction details execution). They absolutely behave like they are company team members, internally as well as externally.’
‘Very knowledgeable team with a strong cross border practice. Strong ability to assist companies both on European and US markets.’
‘Patrick Lyons is an amazing professional. He is quick, always available and business-oriented.’
Key clients
Abivax
Canaccord Genuity Limited
Investec Bank plc
Lysogene
MedinCell
Numis Securities Limited
Citigroup Global Markets Limited
Tiziana Life Sciences Plc
Oxford BioDynamics Plc
Edward Le Bas Properties Limited
Work highlights
- Advised Numis and Citi as joint bookrunners on a £100m equity fundraise for Keywords Studios Plc.
- Advised Poxel S.A. in connection with its €17.7m capital increase by way of a private placement.
- Advised MedinCell, a technology-based pharmaceuticals company specialising in the development of injectable therapeutic products, listed on Euronext Paris, in connection with its €15.6m capital increase.
Dentons
Dentons is well-placed to handle an array of domestic and cross-border equity capital markets transactions, with its wide national reach being complemented by in-house US securities expertise and a far-reaching global presence. Key figures in the team include global equity capital markets head Nik Colbridge and Neil Nicholson, who leads the practice in the UK. The team is adept at handling small to mid-market IPOs and large international listings, as well as secondary offerings and public M&A. Clients include FTSE 250 companies and AIM-listed corporates, investment banks, NOMADs and brokers. In 2020, Cameron Half led advice to VGP NV on a €200m Rule 144A/Regulation S placement via an accelerated bookbuild offering to institutional investors, as well as a separate €109.18m Rule 144A/Regulation S placement of its existing ordinary shares held by its Belgian subsidiary. In another matter, Nicholson and senior associate Verity Kent acted for Science in Sport on its £4.5m share placing on the AIM market.
Practice head(s):
Neil Nicholson
Other key lawyers:
David Collins; Brian Moore; Verity Kent; Cameron Half; Nik Colbridge
Testimonials
‘The team were highly flexible and able to adapt to a changing deal structure without any issues. The team were attentive and always available to assist where necessary.’
‘Verity Kent and Neil Nicholson were excellent to work with. Easy to have a sensible conversation with on the best way forward for the client and able to articulate the implications of legal advice or structuring clearly and concisely.’
‘All members of the team are very helpful and have proven themselves competent.’
‘Neil Nicholson has proven extremely adept at locating the ‘right’ legal resource for whatever we require. The advice is always commercially sensible and he provides what is needed rather than everything under the sun.’
‘The team is very proactive and helpful. They have a strong knowledge of the law but the ability to apply that pragmatically to the circumstances.’
‘Neil Nicholson is very commercial and is very useful as a sounding board on a variety of different matters. Cameron Half is a very good US securities lawyer. Verity Kent is an extremely strong associate.’
Key clients
Science in Sport plc
Bonhill Group plc
RA International plc
Cenkos Securities plc
Informa plc
Bilby plc
Quiz plc
PRS REIT plc
Hurricane Energy plc
Menzies (John) plc
Stifel Nicolaus Europe
Canaccord Genuity
Work highlights
- Advising Cenkos in its role as NOMAD and broker to professional services firm, FRP Advisory Group, on its AIM IPO. This was the largest company to list on AIM in Q1 2020 based on market capitalisation.
- Advised Arlington Group Asset Management Limited and Cenkos Securities plc as joint brokers on Auctus Growth PLC’s reverse takeover of HeiQ Materials AG and a concurrent equity fundraising on AIM.
- Advised Canaccord Genuity as NOMAD, Sole Bookrunner and Broker on a £17.5m share placing via an accelerated book build for Everyman Media Group plc, the independent, premium cinema group, on the AIM market of the London Stock Exchange.
Dorsey & Whitney
Led by Kate Francis, Dorsey & Whitney's team handles the full spread of domestic and cross-border equity capital markets mandates for mid-market investment banks, as well as AIM and Main Market-listed companies. The group is notably strong in mid-market equity transactions involving either a US issuer or US investors. In 2020, highlights included Mark Taylor and others acting for WH Ireland on a £3.5m placing of new shares by AIM-listed clean-tech company Verditek Plc. Elsewhere, the group's work spans the healthcare, gaming and financial services sectors. New York-qualified partner Brian Rosenau is another key individual.
Practice head(s):
Kate Francis
Other key lawyers:
Mark Taylor; Brian Rosenau
Testimonials
‘Kate Francis is an extremely proactive, quick thinking and commercial lawyer who is a delight to work with.’
‘Brian Rosenau is rare amongst US securities lawyers as he has a very good grasp of the UK markets and is very commercial and pragmatic.’
Key clients
Liberum Capital Limited
The Quarto Group Inc.
Watchstone Group plc
Investec Bank plc
Stifel Nicolaus Europe Limited
finnCap Limited
Canaccord Genuity Limited
Numis Securities Limited
Corero Network Security plc
Inland Homes plc
Microsaic Systems plc
WH Ireland Limited
Inland ZDP PLC (Standard List)
Work highlights
- Advised Numis and Canaccord as joint brokers on Velocys Plc’s institutional placing and offer to retail investors via Primary Bid.
- Advised Inland Homes Plc on its institutional placing.
- Advised Microsaic Systems Plc on its institutional placing.
Hill Dickinson LLP
Hill Dickinson LLP regularly advises on transactions with a cross-border component; the team fields practitioners who are dual-qualified in a range of jurisdictions including Argentina, India, South Africa and New Zealand. Led by Michael Bennett, the national team demonstrates strong capabilities in the entire suite of listings, equity fundraises and public company transactions. It has particularly significant expertise in the pharmaceuticals/life sciences, energy, natural resources and medical cannabis sectors. Reflective of the ongoing growth of the practice, Jack Delaney, Sam Hudson and Francois de Lange became legal directors in 2021; Melissa Campbell, who was promoted to senior associate in late 2020, is also recommended.
Practice head(s):
Michael Bennett
Other key lawyers:
Michael Corcoran; Jaspal Sekhon; Jonathan Morris; Shantanu Sinha; Jack Delaney; Francois de Lange; Sam Hudson; Melissa Campbell
Testimonials
‘We have used them to assist us with listing on Acquis and found their “can-do” attitude very refreshing. They were able to hand hold us through the process and conduct the necessary due diligence adroitly.’
‘The team I deal with are extremely reachable and reactive, and advice is always well thought out and practical. Response times are impressive and deadlines always met.’
‘I believe the individuals I deal with feel like an extension of my own team, they have a genuine interest in my business and understand our needs.’
Key clients
Emmerson Plc
Equatorial Palm Oil Plc
Sativa Group Plc
Kanbo Group plc
TruSpine Technologies Plc
Helium One Global Ltd
Reabold Resources Plc
Two Shields Investment Plc
The British Honey Company Plc
Vulcan Industries Plc
Block Energy Plc
Dekel Agri-Vision Plc
Agronomics Limited
Chesterfield Resources Plc
Cadence Minerals PLC
Work highlights
- Advised Sativa, the UK’s leading quoted CBD wellness and medicinal cannabis group, on a recommended share-for-share offer by Stillcanna Inc. The transaction represents the first public takeover of a UK company operating in the medical cannabis sector.
- Advised Spinnaker Opportunities plc (now Kanabo Group Plc) on the reverse takeover of Kanabo Research Limited, a medical cannabis and wellness business headquartered in Tel Aviv and with operations in the UK and Germany.
- Advised long-term client Johnson Service Group PLC, a leading UK textile services provider, on its share placing on AIM, raising £85m through an accelerated book-building process utilising a Jersey cashbox structure.
Hogan Lovells International LLP
Hogan Lovells International LLP‘s wide international coverage and in-house US securities law expertise ensures that it attracts a strong flow of work from global and mid-market investment banks, as well as issuers. Daniel Simons and Jonathan Baird are the key contacts in London. They handle a varied workload, including IPOs, secondary offerings, private placements and privatisations. In 2020, highlights included advising Mail.ru Group Limited on its issuance of $200m of global depositary receipts and its $400m unsecured convertible bond offering. In another matter, Simons led advice to Numis as sole bookrunner on a £10m equity placing by Nexus Infrastructure Plc. Baird has a specialism in investment fund and asset management matters. Raj Panasar left the firm.
Practice head(s):
Daniel Simons; Jonathan Baird
Testimonials
‘Hogan Lovells’ corporate/equity capital markets team not only went the extra mile to pull together a long prospectus, which required a huge effort given the timetable, but provided advice and pragmatic solutions along the way. There were some extremely unusual aspects to the transaction, particularly towards the end, where Hogan Lovells rose to the challenge, dealing with multiple parties’ demands.’
Key clients
Numis Securities Limited
Liberum Capital Limited
PetroTal Corp.
Life Settlement Assets plc
Goldman Sachs
Berenberg
Jefferies
Panmure
Work highlights
- Advised Liberum Capital Limited and Goldman Sachs International on the £105m capital raising for Ted Baker.
- Advised PetroTal Corp. on its £14.1m equity placing to institutional investors.
- Advised Goldman Sachs, Berenberg, Stifel and Cenkos as joint bookrunners on Marlowe PLC’s £100m equity placing.
K&L Gates LLP
K&L Gates LLP excels in advising US and Australian companies on listings on AIM, as well as handling dual listings; it also assists UK-based companies with listings on international stock exchanges, and handles work for NOMADs and brokers. The firm is sought after in transactions involving particularly intricate structures, and complex international tax and securities issues. Group head Paul Tetlow and James Green are notably experienced in matters involving the energy, infrastructure and natural resources sectors. The firm also undertakes work connected with other industries; in one example, Green acted for finnCap (as NOMAD and joint broker) and Canaccord Genuity (as joint broker) on a £48.7m fundraise by information management software supplier Ideagen Plc in 2020.
Practice head(s):
Paul Tetlow
Other key lawyers:
James Green; Tom Wallace; Rob Boughey
Testimonials
‘K&L Gates are different because of their understanding of the sectors I work in, which ranges from international E&P to the newly emerging cannabis and hemp sector. Where they also really stand out is the quality of their networks and their willingness to put clients together who may mutually benefit.’
‘A partner-led offering where it feels that they personally care about helping on the particular matter.’
‘Paul Tetlow and James Green have provided considerable high quality support and advice. They know our organisation very well and care about the outcome, this enables them to be the trusted advisers.’
Key clients
AEX Gold Inc
Fonix Mobile PLC
Longboat Energy PLC
CML Microsystems PLC
Deltic Energy PLC
N+1 Singer
Stifel Nicolaus Europe Limited
Panmure Gordon (UK) Limited
Peel Hunt LLP
finnCap Limited
Canaccord Genuity Limited
Numis Securities
Work highlights
- Advised AEX Gold, Inc., a gold mining company with assets in Greenland, on its dual listing on the AIM Market of the London Stock Exchange and a related fundraising of £42.5m through a placing and subscription of shares with new and existing investors.
- Acted for Fonix Mobile plc on its AIM admission and associated £45m secondary placing of existing shares.
- Advised Panmure Gordon, as NOMAD and broker, on the AIM admission of Kooth PLC (a leading provider of online mental health services), a £16m placing of new shares issued by the company and a £10m placing of existing shares sold byRoot Capital Fund II L.P.
Macfarlanes LLP
Robert Boyle and Richard Burrows jointly lead Macfarlanes LLP's capital markets practice, which is supplemented by the firm's strengths in M&A, tax and regulatory work. With international capital markets transactions forming the bulk of the workload, the team acts for a mix of issuers, sponsors, management teams and owner managers. Harry Coghill, Tom Rose and senior counsel Mark Slade are other key practitioners.
Practice head(s):
Robert Boyle; Richard Burrows
Other key lawyers:
Harry Coghill; Tom Rose; Mark Slade
Testimonials
‘High quality individuals, very responsive and proactive.’
‘Robert Boyle – top M&A and equity capital markets partner. Mark Slade – very able all-round senior associate handling all aspects of a transaction.’
Key clients
Inspecs Group Plc
J.D. Wetherspoon
Moulton Goodies Limited
Supermarket Income REIT Plc
Nerano Pharma
Alchemy
DC Thomson & Company Limited and related parties
Queen’s Road Capital Limited
Family Office of Lord Alliance of Manchester CBE
Work highlights
- Acted for Inspecs on its IPO on LSE’s AIM market. The firm also advised Inspecs on a £64m placing to fund the transformational acquisition of Eschenbach.
- Acted for Supermarket Income REIT on a placing to raise £140m as part of a placing programme, using a supplementary prospectus, then another placing and offer for subscription raising £200m and establishment of a placing programme (prospectus).
- Acted for JD Wetherspoon Plc on two separate equity raises, including a successful £141m equity raise in April 2020 and a subsequent successful £93m equity raise in January 2021.
Mayer Brown International LLP
Mayer Brown International LLP's team in London is well-versed in the English and US securities law aspects of IPOs and secondary offerings, as well as public company transactions that trigger regulatory notifications and other corporate work. The group includes Robert Flanigan, who has 20 years of experience undertaking equity capital markets transactions in the UK and across the EMEA region. In 2020, he acted for Banco Santander and CaixaBank as the joint global coordinators on the IPO of Soltec Power Holdings on the Spanish stock exchanges through a Rule 144A/Regulation S offering. Other notable individuals include Robert Hamill, Rebecca Bothamley and senior associate Harriet Hainsworth, who advised Velocys Plc on a £20m equity fundraise. Beyond the energy sector, Hamill is also active in equity offerings involving the mining, TMT, industrials and petrochemicals sectors, while Colin Scagell specialises in listings, secondary offerings and takeovers in the insurance sector. Kate Ball-Dodd is another name to note.
Practice head(s):
Kate Ball-Dodd; Robert Flanigan
Other key lawyers:
Robert Hamill; Colin Scagell; Richard Smith; Rebecca Bothamley; Harriet Hainsworth
Testimonials
‘Rob Flanigan has a deep understanding of the Spanish market and a real appreciation of Spanish law issues. I rely on his experience to resolve complicated cross-border issues. He is my first choice for US and English advice on capital markets deals.’
‘This team provide a first-rate client service. They are a pleasure to work with.’
‘Kate Ball-Dodd is an outstanding ECM lawyer. She provides clear technical advice with extremely helpful commercial insight.’
Key clients
Investec Bank plc
Liberbank, S.A.
Numis Securities Limited
Peel Hunt LLP
Velocys plc
Metrovacesa, S.A.
St Modwen Properties plc
Helical plc
Promotora de Informaciones, S.A.
GW Pharmaceuticals
Work highlights
- Acting for Investec and Peel Hunt as joint brokers in connection with a £465m placing by Main Market-listed issuer JD Sports Fashion plc, conducted through an accelerated bookbuild process.
- Advising Banco Santander and CaixaBank as joint global coordinators on the IPO of Soltec Power Holdings on the Spanish stock exchanges through a Rule 144A/Regulation S offering, the first IPO in Spain since 2018.
- Advising Beazley plc on its $300m accelerated bookbuild placing via a cash box.
Memery Crystal (part of RGB Legal Services)
Memery Crystal LLP is a major player in high-profile AIM and Main Market transactions. The highly-rated practice is led by Nick Davis, who has over 25 years of equity capital markets experience. In addition to undertaking work for UK-based companies, the firm also acts for corporates in the US, Canada, South Africa and Australia; it also has strong relationships with a number of key NOMAD and broker clients. Davis and Michael Dawes co-head the firm's offering in the natural resources sector, which has been a key area of growth; Kieran Stone is also active in this space. Elsewhere, the firm's work spans the healthcare, gaming and technology sectors. Davis and recently promoted partner Melanie Talbot acted for life sciences client Intuitive Investment Group on its AIM admission and £7.5m placing in 2020. Lesley Gregory, who is one of the few female chairs of a UK law firm, is another name to note.
Practice head(s):
Nick Davis
Other key lawyers:
Lesley Gregory; Michael Dawes; Kieran Stone; Melanie Talbot; Robert Black
Testimonials
‘Every member that we worked with at MC was very professional and we enjoyed working with them.’
‘The team at Memery Crystal is very professional, listens to what the client is saying and always brings solutions to problems.’
‘Lesley Gregory (the Chairperson) is an outstanding lawyer, as well as being committed to diversity, equality and inclusion. She is extremely responsive and proactive, and in particular, very commercial.’
‘The key members of the team went above and beyond to ensure all aspects of the transaction were done in a timely manner. Their client service was excellent.’
‘Michael Dawes was a stand-out contributor to the project. Calm under pressure. Realistic on deadlines and went the extra mile when needed. Good knowledge of UK capital markets.’
Key clients
Yamana Gold
Intuitive Investment Group
Capital Ltd
Shanta Gold
tinyBuild
MGC Pharmaceuticals
Strand Hanson
Zeus Capital
Taseko Mines
GAN Plc
88 Energy
Kore Potash
Intelligent Ultrasound
Pure Gold
MOD Resources
Valeura Energy
VAALCO
Tethyan Resources
Kropz
Danakali
Petra Diamonds
Work highlights
- Advised US-based leading video game developer and publisher tinyBuild on the admission of its shares to trading on AIM and £154.4m oversubscribed placing.
- Advised ASX-listed MGC Pharmaceuticals on its UK Initial Public Offering, which was the UK’s first ever listing of a medicinal cannabis company on the Main Market of the London Stock Exchange.
- Advised NYSE/TSX-listed Yamana Gold on the admission of its shares to trading on the standard segment of the London Stock Exchange.
Reed Smith LLP
Reed Smith LLP's team is equally strong at advising issuers and underwriters on complex equity capital markets transactions. Led by Delphine Currie, the group provides the full scope of advice on AIM and Main Market IPOs, fundraisings and public company transactions, as well as the associated regulatory issues. Currie works with James Wilkinson, Trish O’Donnell and associate Fiona McFarlane. Daniel Winterfeldt QC left the firm to move in-house.
Practice head(s):
Delphine Currie
Other key lawyers:
James Wilkinson; Trish O’Donnell; Fiona McFarlane
Testimonials
‘The team is partner-led, responsive and provides clear, concise advice.’
‘Delphine Currie has consistently provided practical, and commercially astute advice – not looking to over complicate matters and cutting to the core issues.’
‘We feel very supported by the team. They are able to turn around requests with short notice, working at all hours to ensure deadlines are met. We have access to a partner who always makes himself available.’
‘Fiona McFarlane – Fiona is enormously supportive whenever we need her. She is able to turn work around quicker than anyone else we have dealt with and is always able to access the required expertise from the wider team when required again, within a very short timeframe.’
Simmons & Simmons
Simmons & Simmons has a diverse practice, which handles matters ranging from large international fundraises to smaller domestic equity offerings. Led by Colin Bole, the practice particularly stands out for acting for bookrunners and sponsors on complex acquisition-related secondaries and equity re-financings by FTSE 250 listed corporate issuers. In 2020, the firm handled a notable volume of deals on the Main Market of the London Stock Exchange, with the majority involving FTSE 100 and FTSE 250 issuers. In one mandate, Bole and others advised Evercore Partners International LLP as sole sponsor on AstraZeneca’s $39bn Class 1 acquisition of Alexion Pharmaceuticals. Another key figure is Jamie Corner, who joined from Davis Polk & Wardwell LLP.
Practice head(s):
Colin Bole
Other key lawyers:
Jamie Corner; Andrea Tompkins; Thomas Burgoo
Testimonials
‘Colin Bole is approachable and accessible and provides a steady pair of hands on ECM transactions.’
Key clients
Future Plc
Liberum Capital Limited
Investec Bank Plc
HSBC Plc
N. M. Rothschild & Sons Limited
Diploma Plc
Liontrust Asset Management Plc
Evercore Partners International LLP
J.P. Morgan Securities Plc
Goldman Sachs International
UBS AG London Branch
Evercore Partners International LLP
M7 Real Estate Limited
Work highlights
- Advised a syndicate of underwriting banks including Investec, HSBC and Liberum, and Rothschild as listing rules sponsor, on the £100m firm placing, placing and open offer by Costain Group plc.
- Advised FTSE 250 company Future plc on its £594m recommended Class 1 acquisition of GoCo Group Plc.
- Advised FTSE 250 company Diploma plc on its £194m placing, subscription and retail offer to part finance its $465m acquisition of Windy City Wire Cable & Technology Products.
Armstrong Teasdale
US firm Armstrong Teasdale acquired Kerman & Co in February 2021 and therefore inherited its equity capital markets practice. Noted for its particular strength in undertaking issuer-side mandates, the group is highly active in AIM listings and secondary fundraises; it is also sought out for advice on Main Market and Aquis Growth Market IPOs and follow-on offerings and handles public M&A work. Joan Yu and Peter Kohl jointly lead the team, which is heavily involved in mandates connected with the energy and natural resources industries (particularly oil and gas and mining work). The technology, financial services and chemicals industries are among other areas of activity for the group.
Practice head(s):
Joan Yu; Peter Kohl
Other key lawyers:
Coral Yu
Testimonials
‘A great team – very responsive and commercial.’
‘Joan Yu – I00% reliable. Attentive, commercial and gets things done.’
Key clients
Applegreen Plc
Baron Oil Plc
Columbus Energy Resources Plc
Empyrean Energy Plc
Metals Exploration Plc
Pembridge Resources Plc
Rurelec Plc
United Oil & Gas Plc
Victoria Oil & Gas Plc
Samarkand Group Plc
Work highlights
- Advised AIM-listed Columbus Energy Resources PLC (Columbus), an oil and gas exploration and production company focused on onshore Trinidad and Suriname, on a £25m all-share merger with AIM-listed Bahamas Petroleum Company Plc (BPC) which was implemented by a Court-sanctioned scheme of arrangement (Scheme) under Part 26 of the Companies Act 2006.
- Advised cross-border e-commerce technology and retail group Samarkand Group PLC on the admission of its ordinary shares to trading on the APEX segment of the Aquis Growth Market and its oversubscribed fundraising of £17m.
- Acted for longstanding client Baron Oil Plc, the AIM-quoted oil and gas exploration company, on its fundraising of £3m to increase its interest in its Chuditch PSC project and to complete the Chuditch PSC work programme, to arrive at a drilling decision.
BDB Pitmans
Under the leadership of Philip Lamb, BDB Pitmans' ECM practice has gone from strength to strength. The team is extremely active in AIM IPOs, secondary fundraises and reverse takeovers, acting for a roster of clients including a mix of listed and unlisted companies, as well as NOMADs and brokers. Nick McCarthy recently led the advice to SourceBio on its AIM IPO and associated placing. Another key figure is Oliver Pilkington, who acted for finnCap (as NOMAD and broker to K3 Capital Group plc) on a vendor placing, placing and Primary Bid offer and subscription to raise £30.5m for the company's proposed acquisition of randd UK Ltd. Senior associate Rebecca Motchman is another key individual.
Practice head(s):
Philip Lamb
Other key lawyers:
Nick McCarthy; Oliver Pilkington; Rebecca Motchman
Testimonials
‘The personal service and expertise together with a can-do attitude.’
‘Nick McCarthy is the lead partner and provides a first class service and his team provide great coverage as well.’
‘Superb client skills, very commercial and over all the detail and at a price point that is excellent value for money.’
Key clients
SourceBio International plc
Verici Dx plc
Auctus Growth plc (now HeiQ plc)
Contango Holdings PLC
Ten Entertainment Group plc
Frenkel Topping Group plc
EKF Diagnostics PLC
Immupharma plc
Circassia Group plc
Assetco plc
finnCap
Zeus Capital Markets
Canaccord Genuity
Arden Partners
N+1 Singer
WH Ireland
Brandon Hill Capital
Work highlights
- Advised SourceBio International plc on its AIM IPO with a market capitalisation at admission of £120m. The associated placing raised £35m from institutional investors.
- Advised finnCap (as nominated adviser and broker to Fonix Mobile plc) on Fonix’s AIM IPO with a market capitalisation of £90m and raising, by way of a placing of existing shares, £45m for selling shareholders.
- Advised Auctus Growth plc on its acquisition of HeiQ Materials AG (a reverse takeover under the Listing Rules) and associated fundraising in a transaction with a total value of £180m.
Burges Salmon LLP
Burges Salmon LLP has a strong profile among AIM-listed companies, NOMADs and brokers. With Nick Graves and Rupert Weston at the helm, the team handles IPOs, secondary fundraises, corporate transactions and the associated regulatory and compliance matters. The firm is notably prominent in the energy sector; in one highlight, a cross-practice group advised longstanding client Bluefield Solar (a UK-focused income fund listed on the London Stock Exchange that invests primarily in solar assets) on its acquisition of Bradenstoke Solar Park Limited. Elsewhere, in the financial services arena, the firm acted for AIM-listed fintech company Nucleus Financial Group PLC on a £145m bid for the company by James Hay Holdings.
Practice head(s):
Nick Graves; Rupert Weston
Other key lawyers:
Chris Godfrey; Dominic Davis
Key clients
Gooch & Housego plc
ITM Power plc
Michelmersh Brick Holdings plc
Peel Hunt LLP
WH Ireland Limited
SciSys Group plc
Stockdale Securities
Premier Miton Group plc
FirstGroup plc
Bluefield Solar Income Fund Limited
Nucleus Financial Group plc
Work highlights
- Advised ITM Power in respect of a significant fundraising of £172m – the third largest fundraising on AIM in 2020.
- Advised Nucleus Financial Group PLC, an AIM-quoted fintech provider of platform services to IFAs, on a £145m bid for the company.
- Advised Peel Hunt LLP as broker on an accelerated bookbuild cash box placing for Van Elle Holdings plc, an AIM company.
Covington & Burling LLP
Covington & Burling LLP, which has a mix of US and English law-qualified practitioners in London, is notably strong in all aspects of equity capital markets work. The group demonstrates expertise in IPOs and other equity fundraises with a nexus to the financial services, clean energy, technology and life sciences sectors. In addition, it advises on corporate governance and other compliance-related issues. One of the names to note at the firm is Simon Amies, who has over 20 years of experience acting for clients on matters involving AIM, the Main Market, NASDAQ and the Euronext markets. Paul Claydon is another key figure in the team, which is led by Gregor Frizzell.
Practice head(s):
Gregor Frizzell
Other key lawyers:
Simon Amies; Paul Claydon
Testimonials
‘Paul Claydon is incredibly experienced and well respected by all advisers and professionals in the industry.’
‘Very competent, legally and tactically astute team, with good commercial knowledge and advice.’
‘Covington & Burling respond quickly, accurately and in a cost-efficient manner, putting the relevant people on the job immediately and making sure the right answer is delivered on time.’
‘The practice prides itself on providing pragmatic business focused legal advice.’
‘Paul Claydon is joy to work with – he is the best client partner I have had at any firm. Even when not handling matters personally he maintains a detailed awareness of the matter, proactively raising issues ahead of time.’
Key clients
Allergy Therapeutics plc
Canaccord
Cantor Fitzgerald & Co.
Cenkos Securities plc
Destiny Pharma plc
Ergomed plc
Peel Hunt LLP
Redx Pharma plc
ReNeuron Group plc
Sensyne Health plc
Work highlights
- Advised Sensyne Health plc, a clinical artificial intelligence company, on a £27.5m equity fundraising.
- Advised Redx Pharma plc on a £25.6m follow-on financing.
- Advising Peel Hunt LLP (as NOMAD and Joint Bookrunner) and finnCap Ltd (as Joint Bookrunner) on a £29.2m follow-on financing by Shield Therapeutics plc.
DAC Beachcroft LLP
DAC Beachcroft LLP acts for a variety of UK-listed companies and its client roster includes a sizeable number of NOMADs, merchant banks and financial advisers. The firm has a national equity capital markets practice that is highly active in the technology, real estate, financial services and health industries. In addition to undertaking domestic mandates, it is increasingly seen in transactions with a cross-border dimension. In 2020, Jonathan Deverill led advice to Open Orphan Plc on its £12m fundraising by way of a placing and subscription. Consultant Clive Garston has over 30 years of capital markets experience, and Matthew Darling is the head of the London practice.
Practice head(s):
Matthew Darling
Other key lawyers:
Jonathan Deverill; Clive Garston; Michelle Jones
Testimonials
‘Very strong in the cannabis and CBD sector as well as excellent small-cap corporate department.’
‘Jonathan Deverill – thorough, commercial, highly responsive.’
‘The people are key. Clive Garston is a trusted adviser.’
‘Matthew Darling – Excellent lead partner, in terms of experience, knowledge, getting work done and taking on board feedback.’
‘Jonathan Deverill is an excellent corporate lawyer who has gone above and beyond to help me successfully execute our projects and therefore grow my business. Him and his team have often worked over weekends for me in order to complete our projects in a timely manner.’
Key clients
Viaro Energy Limited
Castleton Technology plc
NQ Minerals plc
Diaceutics plc
Hawkwing plc
Shore Capital and Corporate Limited, Shore Capital Stockbrokers Limited and Peel Hunt LLP
Open Orphan plc
Eden Research plc
Canaccord Genuity and VSA Capital
Strand Hanson Limited
Peterhouse Capital Limited
Work highlights
- Advising Viaro Energy Limited on its £248m take-private acquisition of RockRose Energy plc by means of a court-approved scheme of arrangement.
- Advising Diaceutics plc on its £20.5m placing structured as a firm placing and a conditional placing with a circular to shareholders.
- Advising Shore Capital and Corporate Limited, Shore Capital Stockbrokers Limited and Peel Hunt LLP on Inspired Energy plc’s £30m secondary fundraising and open offer to raise up to £5m.
Druces LLP
Druces LLP's varied workload includes a mix of standard/AIM/Aquis Exchange listings, dual listings, placings and company takeovers. Dominic Traynor heads up the practice, which is noted for its sizeable international client base. Traynor has a wealth of experience in acting for mining and energy companies. He works closely with senior associate Jack Kemmish, who has notable expertise in acting for international oil and gas exploration and production companies. The duo recently acted for MAST Energy Developments Plc on its placing, issuance of advisers’ shares and admission of the enlarged share capital to the Official List of the London Stock Exchange.
Practice head(s):
Dominic Traynor
Other key lawyers:
Jack Kemmish
Testimonials
‘Commercial and knowledgeable team – always a pleasure to work with.’
‘I’ve worked with Dominic Traynor representing three of the companies where I’ve been a director. Very responsive, very intelligent, always providing sound advice.’
Key clients
Airnow PLC (formerly appScatter Group PLC)
Amedeo Resources
Athelney Trust Plc
Beaumont Cornish Limited
Boston International Holdings plc
Caerus Mineral Resources Plc
Conico Ltd
Ecovista Plc
Egdon Resources PLC
Goldplat PLC
Greatland Gold PLC
Katoro Gold PLC
Kavango Resources plc
Kibo Energy PLC
MAST Energy Developments plc
Mosman Oil and Gas Ltd
Mustang Energy PLC
Nostra Terra Oil and Gas Company PLC
Panthera Resources plc
Red Rock Resources PLC
Regency Mines PLC
Rockfire Resources PLC
SI Capital Ltd
SigmaRoc PLC
Savannah Resources PLC
Starvest PLC
Thor Mining PLC
TomCo Energy PLC
VSA Capital Limited
Work highlights
- Advised Kavango Resources plc, a mining exploration company targeting the discovery of world-class mineral deposits in Botswana, in respect of a simplified disclosure prospectus for a placing and subscription of new ordinary shares, and admission of the enlarged share capital to the Official List (by way of a standard listing under chapter 14 of the Listing Rules) and additional new ordinary shares and to trading on the London Stock Exchange plc’s Main Market for listed securities to raise gross proceeds of £2m.
- Advised Beaumont Cornish Limited (as Nominated Adviser), Peterhouse Capital Limited and Pello Capital Limited (as joint brokers) in connection with Helium One Global Limited’s admission to AIM and conditional placing and subscription to raise £6m, before expenses.
- Advised Caerus Mineral Resources plc on its placing, subscription and admission of the enlarged share capital to the Official List (by way of a standard listing under chapter 14 of the Listing Rules) and to trading on the London Stock Exchange plc’s Main Market for listed securities to raise gross proceeds of approximately £2.2m.
Edwin Coe LLP
In a major development at Edwin Coe LLP, Daniel Bellau joined from Hamlins LLP in January 2021. Bellau has vast experience undertaking the full spread of ECM transactions for funds, SMEs, entrepreneurs, NOMADS and brokers. Since joining the firm, his recent work has spanned the financial services, real estate and manufacturing sectors. Another name to note is Russel Shear, who acted for SPARK Advisory Partners Limited and Oberon Investments (the trading name of MD Barnard & Company Limited), acting as the NOMAD and broker respectively, on a conditional placing and subscription to raise £3.4m for MyHealthChecked Plc.
Practice head(s):
Russel Shear
Other key lawyers:
Daniel Bellau; David Kinch; Alexandre Terrasse
Testimonials
‘Dan Bellau is commercial, understands small caps and the world of listed SMEs.‘
‘Excellent commercial advice. Practical assistance in dealing with the UK securities regulation framework.’
Key clients
Palace Capital plc
Angelfish Investments plc
Hybridan LLP
Novum Securities Limited
Ethernity Networks Limited
HC Wainwright & Co.
Oberon Investments plc
Brandshield Systems plc
Obatan LLC.
SPARK Advisory Partners Limited
Oriole Resources Plc
Gowin New Energy Group Limited (listed on AQSE).
Work highlights
- Advised US dealer broker HC Wainwright & Co on $35m private placement of ordinary shares in AIM quoted Blockchain mining company.
- Advised Hybridan LLP, the well known small cap broker, as financial adviser and broker in the successful completion of an equity placing for One Heritage Group plc.
- Advised Tethyan Resource Corporation (a TSX listed company) on the sale of 100% of its issued share capital to Adriatic Metals Plc (a company dual listed on the LSE and the ASX) by way of scheme of arrangement.
Fladgate LLP
David Robinson heads up the practice at Fladgate LLP, which excels in advising fast-growing and entrepreneurial companies on AIM/Main Market admissions, dual listings, secondary fundraisings, M&A and corporate governance issues. Noted for its involvement in first-to-the-market transactions, the firm's work spans a number of industries, including the financial services, life sciences, energy and natural resources sectors. The team includes Paul Airley, who has particular knowledge of Canadian capital markets transactions, and Nigel Gordon, who recently advised Jubilee on a £14.5m placing of new and existing ordinary shares. Consultant Neil Vickers has over 20 years of international equity capital markets experience.
Practice head(s):
David Robinson
Other key lawyers:
Paul Airley; Nigel Gordon; Neil Vickers; David Baverstock; Orit Rioumine Gold
Testimonials
‘They understand what the client is trying to a achieve – they don’t just apply law blindly, they apply law to achieve the required result.’
‘Solutions, not problems. The partner feels as though he is part of my team, a sounding board as well source of law.’
Key clients
All Active Asset Capital Limited
Jubilee Metals Group PLC
Guild Esports PLC
Gfinity plc
SPARK Advisory Partners Ltd
Global Petroleum Limited
SP Angel Corporate Finance LLP
Angus Energy plc
Caspian Sunrise LLP
Pineapple Power Corporation plc
Blake Holdings Limited
Tri-Star Resources PLC
Dev Clever Holdings PLC
Hertsford Capital plc
Cenkos Securities PLC
Alliance Pharma
Work highlights
- Acted for AIM-listed All Active Asset Capital on the grant of an option over equity in Aaqua BV.
Fox Williams LLP
Fox Williams LLP demonstrates strong capabilities in advising international listed companies on admissions to AIM. In addition, the team's wide-ranging expertise includes secondary offerings, public and private M&A, and regulatory and corporate governance issues. In 2020, the practice was heavily involved in transactions in the financial services, renewable energy, oil and gas and mining industries. In one highlight, practice head Richie Clark advised AIM-listed company Scotgold Resources Limited on a £3m equity fundraising. Hannah Elliott, who recently made partner, has particular expertise in the technology sector. Dearbhla Quigley joined Forsters LLP.
Practice head(s):
Richie Clark
Other key lawyers:
Guy Morgan; Andrew Woolf; Hannah Elliott; Sarah Carlton
Key clients
finnCap Group Plc
Allenby Capital LLP
Shore Capital & Corporate Limited
Plexus Group Holdings Plc
Scotgold Resources
Summerway Capital Plc
Directa Plus Plc
Tatton Asset Management Plc
Westmount Energy Ltd
Cedarvale Holdings Ltd
Arden Partners Plc
Work highlights
- Acted for nominated adviser and sole broker finnCap on the successful AIM IPO of challenger consultancy Elixirr International PLC and its simultaneous £25m institutional placing.
- Advised Summerway Capital PLC, an AIM quoted investing company, on amendments to its investing policy, the appointment of new directors and a placing and issuance of warrants.
- Advised Hamilton on its successful Euronext Paris IPO and its simultaneous €9.6m fundraise by way of a subscription.
Locke Lord LLP
Locke Lord LLP‘s team acts for a wide range of market participants on AIM and Main Market listings, secondary fundraises and public company transactions. Clients include UK and global corporates, NOMADs, brokers, sponsors and underwriters. The group includes Sean Page, who has particular experience in advising Chinese clients on capital raising and investment transactions in the UK and Europe. On the NOMAD side, Channo led the advice to Canaccord Genuity on Pantheon Resources Plc’s $30.2m placing in 2020. Other work spans the life sciences, real estate, financial services and TMT industries.
Other key lawyers:
Sean Page
Testimonials
‘Locke Lord is forging a strong presence in the small to medium cap listed company segment of the market.’
‘Sean Page is a strong leader marshalling his team effortlessly to deal with whatever problems or obstacles arise without breaking stride. He is as at home with an IPO as with a cross-border M&A transaction.’
‘They have great capital markets experience and expertise. Their response times are, from my experience with other UK firms, excellent. Also their work ethic for international clients is very strong.’
Key clients
Adriatic Metals Plc
Allenby Capital
Anemoi International Ltd
Canaccord Genuity
Jade Road Investments Limited
Mode Global Holdings PLC
Nightcap plc
Salt Lake Potash Limited
Shore Capital
SolGold Plc
Thalassa Holdings
The Local Shopping REIT Plc (now known as Alina Holding plc)
Work highlights
- Advised Adriatic Metals Plc on a subscription for shares by the European Bank for Reconstruction and Development to raise £6.2m.
- Advised Allenby Capital as NOMAD and Broker on Gfinity plc’s £2.25m fundraise.
- Advised special purpose acquisition company (SPAC) Anemoi International Ltd on its Main Market IPO.
Michelmores LLP
Michelmores LLP's capital markets practice is led by Ian Binnie, who has over 30 years of experience and is noted for his expertise in matters involving emerging markets companies; his sector experience includes the oil and gas, mining, fintech and healthcare sectors. Edwin Richards, who made partner in 2020, is another key individual in the team, whose recent work included advising N+1 Singer on its tender offer to minority shareholders of AIM-listed company United Carpets Group Plc as part of its de-listing from AIM. Richard Cobb is another name to note.
Practice head(s):
Ian Binnie
Other key lawyers:
Edwin Richards; Richard Cobb
Testimonials
‘Ian Binnie – his knowledge and expertise is invaluable and he provides commercial solutions.’
Key clients
Modern Water plc (now merged with Deepverge plc)
Sutton Harbour Holdings plc
Haynes Publishing Group plc
Allenby Capital Limited
Panmure Gordon (UK) Limited
Zeus Capital Limited
N+1 Singer Capital Markets Limited
VSA Capital Limited
Finncap Limited
Arden Partners plc
Hybridan LLP
Auctus Advisers LLP
Mining Minerals & Metals plc
Comarco Group
Work highlights
- Advised AIM-quoted Modern Water plc on its £52m recommended all-share merger with AIM-quoted DeepVerge plc (formerly Integumen plc).
- Advised longstanding client Haynes Publishing Group Plc on its acquisition by Infopro Digital Group for a sum of £114.5m.
- Advised nominated adviser and broker Allenby Capital on Vector Capital plc’s £3m placing and admission to trading on AIM.
Mills & Reeve LLP
Mills & Reeve LLP's equity capital markets practice, which is led by Stephen Hamilton, distinguishes itself by providing full-service support to fast-growth technology companies and life sciences businesses at all stages of the lifecycle. The group's varied workload includes IPOs, secondary fundraisings and M&A. Hamilton advised IQGeo Group Plc on a £5m AIM fundraising in 2020. In addition to undertaking issuer-side mandates, the firm also generates mandates from NOMADs and brokers.
Practice head(s):
Stephen Hamilton
Other key lawyers:
Kristian Shearsby; Emma Plaxton
Testimonials
‘Stephen Hamilton – good knowledge of corporate transactions.’
‘We get quality advice with a quick response time that is not overpriced and the teams not over-manned.’
Key clients
The Alumasc Group plc
Randall & Quilter Investment Holdings Ltd.
Midwich Group plc
IQGeo Group plc
Bango plc
Quixant plc
Scientific Digital Imaging plc
Xaar plc
Global Graphics plc
GRC International plc
Diurnal Group PLC
Eckoh plc
Work highlights
- Advised Midwich on the acquisition of Starin Marketing, Inc., a specialist value-add AV distributor in the US for an enterprise value of up to $46.1m (£35.7m). In conjunction with the acquisition, advised Midwich on a £39.7m placing by way of an accelerated bookbuild.
- Acted on the £80m acquisition of Hybrid Software by Global Graphics plc.
- Acted for F-star Therapeutics, a biopharmaceutical group based in Cambridge, on its reverse merger with NASDAQ-listed Spring Bank Pharmaceuticals.
Penningtons Manches Cooper LLP
Penningtons Manches Cooper LLP's equity capital markets practice has gained momentum since the arrival of partner Seb Orton from Eversheds Sutherland (International) LLP in 2019, with the firm generating a strong flow of work from investment banks, brokers and corporates. In addition to handling AIM transactions, the firm is also increasingly active in Main Market and AQSE (formerly NEX) matters. Orton's work aligns with the firm's core strengths in retail, technology and life sciences. In 2020, one of his highlights involved advising SkinBioTherapeutics Plc on a £4m conditional placing and associated open offer.
Practice head(s):
Testimonials
‘Commercial, straighforward advice from a team that is easy to work with.’
‘Seb Orton is very knowledgeable and proactive, providing commercial advice on a range of public company transactions.’
Key clients
finnCap
SkinBioTherapeutics Plc
Peel Hunt
Stanford Capital
SI Capital
Allenby Capital
Elixirr International Plc
Work highlights
- Advised finnCap (as nomad and broker) on the IPO of Parsley Box Group plc (market cap of £83.3m).
- Advised finnCap and Peel Hunt finnCap and Peel Hunt as brokers to Revolution Bars Group on a £15m equity fundraising and finnCap as nominated adviser on Revolution Bars Group’s move to AIM.
- Advised Elixirr International PLC on its pre-IPO reorganisation before its IPO on AIM.
Squire Patton Boggs
Squire Patton Boggs' ECM practice has gained momentum with key additions to its team; Jayson Marks joined from HFW in 2020, and Fergus Gallagher was hired from McDermott Will & Emery UK LLP while Louise Barber made partner. The national team, which is jointly led by Jane Haxby in London and Leeds-based partner Hannah Kendrick, demonstrates particularly notable expertise in the technology, industrials and consumer sectors. The firm was able to capture a sizeable share of AIM IPOs and other equity fundraises in 2020; public M&A work is another key mainstay of the practice. Highlights for the group included acting for Kooth Plc on its AIM IPO, as well as advising WH Ireland (as NOMAD and sole broker) on the £25m fundraising and AIM IPO of Various Eateries Plc.
Practice head(s):
Jane Haxby; Hannah Kendrick
Other key lawyers:
Jayson Marks; Fergus Gallagher; Louise Barber; Hannah Crosland
Testimonials
‘In-depth industry knowledge of the mining and commodities trading sector and an ability to take a global view on transactions and resource them appropriately.’
‘Partner-led with a very collaborative, capable team. All very approachable and willing to help/explain. Very professional and get the job done on time.’
‘Our primary lawyer at the firm is Jayson Marks, with whom we have worked for many years. He is very knowledgeable, commercial, responsive and easy to work with.’
‘Very solid, competent and responsive.’
‘Always very responsive, user-friendly & easy to deal with – and give very solid professional advice.’
Key clients
Kooth plc
Polypipe Group plc
Studio Retail Group plc
Xeros Technology Group plc
Instem plc
Tissue Regenix Group plc
Applied Graphene Materials plc
GB Group plc
WH Ireland Group plc
WH Ireland Limited
Coats Group plc
Enwell Energy plc
Metals Exploration plc
Work highlights
- Advised Kooth plc on its AIM IPO and £26m placing and vendor placing with a market capitalisation of £66.1m.
- Advised ECI Partners LLP (in its capacity as an adviser to ECI II LP) as a selling shareholder on the £600m Main Market IPO of Auction Technology Group plc.
Watson Farley & Williams LLP
Watson Farley & Williams LLP's capital markets practice is aligned with the firm's strengths in the transport, energy and natural resources sectors. Led by Chris Kilburn, the team handles the full spread of work for corporate issuers, investment banks, NOMADs and brokers. A recent highlight involved Jan Mellmann advising Coro Energy Plc on its acquisition of Global Energy Partnership Limited, as well as a £4.5m placing. Kilburn is experienced in advising overseas-listed companies on accessing the UK markets, including many ASX-listed companies.
Practice head(s):
Chris Kilburn
Other key lawyers:
Jan Mellmann
Testimonials
‘Watson Farley & Williams has a good all-round set of capabilities and a collaborative approach.’
‘Jan Mellmann is friendly, pragmatic, and understands the practical realities of smaller companies.’
Key clients
88 Energy
Tower Resources plc
Coro Energy Plc
Advance Energy Plc
Aminex plc
United Oil & Gas plc
Chesterfield Resources plc
TORM plc
Work highlights
- Advising Coro Energy Plc on its investment in a 20.3% stake in ion Ventures Holdings Ltd, a South East Asian and UK-focused developer of clean energy projects.
- Advised Advance Energy plc on the acquisition (via its subsidiary Advance Energy TL Limited) of a 50% interest in Carnarvon Petroleum Timor, Unipessoal Lda for a consideration of $20m and on raising $30m from the AIM market to fund the acquisition.
- Advised TORM plc on its agreement to purchase eight 2007-2012 MR product tankers with chemical trading capabilities from TEAM Tankers Deep Sea Ltd., for a total cash consideration of $82.5m and the issuance of 5.97m TORM shares.
Wedlake Bell LLP
Martin Thomas leads Wedlake Bell LLP's capital markets practice, which handles AIM and Main Market IPOs, secondary fundraises and follow-on M&A work for corporate issuers, NOMADs and brokers. Thomas' transactional experience spans the oil and gas, natural resources, financial services and early stage technology sectors, among others.
Practice head(s):
Martin Thomas